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Inventory or Stock Control with invoiceit!Pro

Below is a detailed explanation on how inventory levels and values are determined:
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1.) Settings

on setup page 4:

This will turn the inventory monitor on. Inventory is known as Stock in many places.

2) Products (Inventory|Stock menu)

This turns on the inventory monitoring for a specific product. If item 1 above is set to "Yes", then 'Monitor' 
on the product level defaults to Yes when adding a new product. Uncheck if a product does not need monitoring.

3) Inventory Count

to start the system you need to enter the starting values for each product (inventory count), which includes 
the quantity held and total value at a given date - shown below in red.

The important rule to remember: All transactions AFTER that date are used to increase/decrease your inventory.

Example: Date of Inventory count - August 4

All purchases and invoices from August 5 will affect the inventory level.

Each product can have a different date (rolling inventory count). If a product has no value enter $0. If a product 
is not held, enter the count as 0.

To access this form, click Inventory|Stock menu - then Count button at left. You can now set the 
quantity and total value for each inventory line. Use filters to make the list match your inventory locations (or by other criteria). Use the print button at top right to print out blank count forms for your products.

These values can also be set, one product at a time, from the Inventory|Stock menu at top right.

4) Increase of Inventory - Purchasing

Click Purchasing Menu - find the P/O to be received, then click button Receive (at left).

Here you can enter the product arrivals from vendors' invoices or packing notes, incl. quantity and purchase cost. This increases your inventory|stock (provided items are received after the last count and are monitored). A new unit cost will be calculated by adding the new arrival to any existing inventory of the same item.

To enter products returned to vendors, raise a P/O to them and enter negative quantities, then click Receive button. Your inventory|stock will decrease.

5) Decrease of Inventory - Sales (Invoices)

Click on Invoices. Sales of products which are being monitored will decrease your inventory. 
You will see current level of each product in the Pick List ("Avail" column at far right).

Credits or returns by customers (negative quantities) will increase your inventory.

If you credit a product to a customer, but the product is not returned - don't use the product code. Simply type the details in Description field and set a negative quantity. This will credit the appropriate amount to the customer, but does not 'return' the goods to inventory.

6) Inventory reports

For reports on your inventory|stock, click on Reports menu and select Inventory|Stock option at left.

For more information on how inventory values are calculated, click here

To return to the FAQ page, click here

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